New research from TowerGroup, a research and advisory services firm, has found that the time is right for U.S. property-casualty insurers to aggressively exploit the business benefits of mobile technology devices to handle claims.
According to Needham, Mass.-based TowerGroup, “While using mobile solutions for settling claims is not new to the U.S. insurance industry, adoption for claims processing has been haphazard at best. Insurance carriers have been slowly bringing on mobile technology solutions to assist field workers with claims operations, yet the process has lacked focus and forward momentum.”
The researcher added that thanks to the strides made by mobile technology vendors in functionality, bandwidth and devices, “mobility solutions for the insurance industry are increasingly reliable–and can yield significant value if developed within a coordinated strategic initiative.”
Such devices could include Internet-ready phones, personal digital assistants and notebook computers.
“Customers are increasingly expecting real-time, anytime service from their insurance carriers,” said Karen Pauli, a senior analyst in the TowerGroup Insurance research practice and author of the research.
“While many insurers have various mobility irons in the fire, catastrophes like Hurricane Katrina quickly exposed the limits of the haphazard solutions that are in place. It's time for carriers to step back and create an enterprise strategy for mobility that encompasses all aspects of the claims process,” according to Ms. Pauli.
Highlights of the research include:
o Mobile initiatives will yield significant value for carriers when the implementation directly impacts the most critical business issues facing carriers today, including: disaster response, business continuity, and meeting regulatory and compliance mandates.
o Carriers can dramatically improve day-to-day claims operations, gaining competitive advantage and saving costs, by using predictive analytics to direct activities in a mobile environment.
o Before carriers jump into an enterprise mobility plan, they must carefully review the needs and workflow of their claims personnel.
More information on the TowerGroup research report titled “Mobile Solutions for U.S. Property & Casualty Claims: Life in the Fast Lane,” is available via e-mail at service-info@towergroup.com.
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